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The Comply Catch-Up – November 2022 Issue 24

Comply Catch-Up November 2022

Key Dates and Reminders

  • During November, the IRS published the following DRAFT 1099 and 1042 forms and instructions. Check out the draft forms and instructions below:
  • On November 15, the Internal Revenue Service Advisory Council (IRSAC) issued its 2022 annual report outlining recommendations to the IRS on new and continuing issues in tax administration. The 2022 report includes recommendations on 21 issues that cover a variety of topics, including:
    • IRS business and information technology modernization.
    • Reduction in electronic filing threshold for information return filers.
    • Alignment of electronic signature requirements on withholding certificates.
    • Accelerated issuance of IRS Form 6166, Certification of U.S. Residency.
    • The Examination Customer Coordination and Innovation Office.
    • Series 8038 Form Redesign and Updates.
    • Business Master File (BMF) Transcript Delivery Service (TDS).

FATCA / CRS Key Dates & Reminders – Select Jurisdictions

OECD

British Virgin Islands 

  • On October 27, 2022, the British Virgin Islands International Tax Authority (ITA) posted a notice regarding the BVIFARs Portal fee implementation. The portal is now scheduled to go live before the end of the 1st quarter of 2023. Once the portal is live, additional information regarding the process for making payment through the portal and options available for payment will be provided. This fee is intended to cover enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.

    All entities with reporting obligations are required to enrol in the BVIFARs portal for all reporting obligations related to FATCA, CRS, and CbCr.

Comply Updates

Keep an eye out for our upcoming Year-End Reporting Brochure, where we will outline updates to Forms 1099 and 1042-S, as well as identify common issues and errors.

We are hiring! Stay tuned for job postings and announcements on new members of the Comply Team. If you or someone you know is interested in a job here at Comply Exchange, please email jessica@complyexchange.com.

If you would like to schedule a demo and discuss how Comply can help you automate and centralize your information reporting and withholding requirements, contact us at contact@complyexchange.com.

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